LAS VEGAS - Full House Resorts, Inc. (NASDAQ:FLL), a casino operator, has announced the appointment of Jeff Michie as the new vice president and general manager of its Rising Star Casino (EPA:CASP) Resort in Rising Sun, Indiana. This change is pending customary gaming approvals. Michie will be taking over from Angi Truebner-Webb, who is set to manage the Silver Slipper Casino Hotel in Mississippi.
Michie comes to Rising Star with a wealth of experience in the casino industry, having previously held the role of chief financial officer at Casino del Sol in Tucson, Arizona. His background includes senior management positions at several casinos, among them the Hard Rock Casino Cincinnati and Belterra Casino Resort & Spa. His career also includes general manager positions at the Belle of Baton Rouge Casino & Hotel as well as the Horizon Casino & Hotel.
A graduate of San Diego State University with a degree in finance and public administration, Michie is a long-time resident of Lawrenceburg, Indiana, which is near the Rising Star property.
In conjunction with his hiring, the company's compensation committee approved an inducement equity award of 19,921 restricted shares to Michie. These shares are set to vest over a period of three years starting November 11, 2025, contingent upon his continued service.
Additionally, inducement equity awards were granted to two other new employees, Kimberly Bender and Katelynn May. Each received 4,107 restricted shares with a similar vesting schedule starting November 12, 2025.
The inducement awards are part of a strategy to attract top talent and are compliant with Nasdaq Listing Rule 5635(c)(4), being outside of the Company's 2015 Equity Incentive Plan.
Full House Resorts operates several gaming facilities across the United States. This announcement comes as part of the company's ongoing management restructuring and is based on a press release statement.
In other recent news, Full House Resorts unveiled its third quarter financial results, highlighting its upcoming advertising campaign for the Chamonix project. The company's Chief Financial Officer, Lewis (JO:LEWJ) Fanger, led the earnings call, providing insights into the company's financial performance. The discussion included forward-looking statements under the Safe Harbor provision, with a cautionary note on potential discrepancies between projected and actual results due to various risks.
Full House Resorts expressed optimism about the future, particularly with the launch of the Chamonix advertising campaign. Investors were directed to the company's website for additional information, presentations, and video links for the Chamonix ads. However, the company also emphasized the importance of reviewing the Forward-Looking Statements section of the press release for a detailed discussion of potential risks.
A question-and-answer session followed the formal presentation, reflecting Full House Resorts' commitment to transparency and communication with its investors. These recent developments underscore the company's active engagement with stakeholders and its enthusiasm for the upcoming Chamonix project.
InvestingPro Insights
As Full House Resorts (NASDAQ:FLL) reshuffles its management team, investors should consider some key financial metrics that shed light on the company's current position. According to InvestingPro data, Full House Resorts has a market capitalization of $161.81 million and has shown strong revenue growth of 28.57% over the last twelve months as of Q3 2024. This growth is particularly noteworthy given the challenging environment for casino operators in recent years.
However, the company faces some financial headwinds. InvestingPro Tips highlight that Full House Resorts is operating with a significant debt burden and is quickly burning through cash. This financial strain is reflected in the company's negative operating income of $2.95 million for the last twelve months as of Q3 2024.
Despite these challenges, the company's EBITDA growth of 47.37% over the same period suggests that operational improvements may be underway. This could potentially be linked to strategic management changes like the appointment of Jeff Michie at Rising Star Casino Resort.
Investors should note that Full House Resorts' stock is trading near its 52-week low, with a price-to-book ratio of 3.12. This valuation metric, combined with the company's recent management moves, may interest value-oriented investors looking for potential turnaround stories in the gaming sector.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights on Full House Resorts, with 10 more tips available to subscribers.
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